Like all other professionals, teachers also experience being on a tight budget, although they’re known to have a very stable job. Whether their salary isn’t enough to address their monthly needs or they have plans on investing, educators often resort to teacher’s loan for additional cash.
Now if you feel the same but are still looking where to borrow, you might like to check out one of the following providers – they’re known to offer educator’s loan at very attractive rates:
Land Bank of the Philippines
In partnership with DepEd, Land Bank launches an innovative financing solution for teachers called the Livelihood Loan Facility. Teachers can borrow cash for as high as PHP 500,000 or an amount that’s equivalent to their pay for 8 months. The interest rate is fixed at a low 10.5%.
With its Puhunang Pangkabuhayan ng mga Namamasukan (PPN) loan program for teachers, Agribank provides teachers with a decent funding source. Educators can choose to opt for a 1-year term with a monthly interest of 0.9% or a 2-year loan with a 1.0% interest rate per month. Agribank releases money for as fast as one day if the applicants have complete requirements.
As one of the leading commercial banks of the country, UnionBank offers mentors a cash credit program called City Savings Loan. This allows teachers to borrow as much as PHP 875,000 at an aggregate. Qualified individuals can apply for a reloan. Teachers can opt to pay their credit for 12, 18, 24 or 36 months. However, the bank also offers some leeway for those who like to pay off their dues for 20 months, instead of 24 or 18 months. There are no pre-termination fees, insurance deduction and hidden charges. UnionBank usually releases money for 1 day. But on off peak days, they can release cash for as fast as 1 hour.
National or Regional DepEd Offices
Apart from commercial banks, educators can also borrow directly from the DepEd national office or the nearest regional office. This credit solution is called Program for Public School Teachers Association (PPSTA) Eduk Loan Program. This package offers public school teachers as much as PHP 300,000 at a very low rate.
Generic Eligibility Requirements
To be considered for a loan, applicants must be:
- 18 – 62 years old
- A regular employee of DepEd
- A teacher for at least a year
- Able to submit his or her latest payslips
These are the minimum eligibility requirements for commercial banks, DepEd offices and private lenders.
For more details, feel free to contact your prospect provider for the detailed list of requirements. Or better yet, submit your requirements to Loansolutions PH so that we’ll be the one to find a suitable lender on your behalf.